FG to unlock $3bn in liquidity, as NEC approves $4.5bn refinancing

By Precious Mark

The Federal Government is set to unlock an extra $3 billion in liquidity for the economy following the National Economic Council’s (NEC) approval of a new $4.5 billion refinancing facility known as Project Gazelle 2.

Chaired by Vice President Kashim Shettima during its 159th virtual meeting on Monday, the NEC approved the deal to enable Nigerian National Petroleum Company (NNPC) Limited to clear an outstanding $1.5 billion balance under its 2023 pre-export finance facility while injecting fresh capital directly into national reserves and infrastructure projects.

The new financial buffer aims to boost foreign exchange reserves, stabilize macroeconomic conditions, and finance key fiscal and infrastructure priorities under President Bola Ahmed Tinubu’s administration.

Addressing State House correspondents after the meeting, the Minister of Finance, Dr. Taiwo Oyedele, disclosed that the renegotiation secures more favorable credit terms for the country.

The refinancing reduces Nigeria’s crude oil commitment under the facility from 90,000 barrels per day (bpd) to roughly 78,750 bpd, a 12.5% reduction that frees up 11,250 barrels of daily crude output directly for the federation.

“While accessing additional liquidity on improved terms, the arrangement frees up resources for strategic national priorities while strengthening the country’s financing structures,” Oyedele stated.

Opening the session, Vice President Shettima charged council members to ensure that macroeconomic policies translate directly into tangible relief for citizens struggling with high living costs.

He called for a scalable, data-driven social protection framework capable of reversing multidimensional poverty across state and local government levels.

“Government policies speak through the price of food, the condition of hospitals, records in schools, the strain on families, and the confidence of those who invest their labor in the nation’s future,” Shettima asserted, urging leaders to respond to public concerns with competence, compassion, and purpose.